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5 December 1865 Bank of Adelaide

5 December 1865       Bank of Adelaide

The Bank of Adelaide was incorporated by an Act of Parliament under a Deed of Settlement on 5 December 1865, with an authorized capital of £250,000 in 50,000 £5 shares. The board of directors was: Henry Ayers, T.G. Woodhouse, Robert Barr Smith, Thomas Magarey and G.P. Harris. Under the able management of John Souttar the bank acquired substantial accounts and connections and three years after it was established paid a 6% dividend to its shareholders. By 1875 its paid up capital was £400,000. During the financial crisis of the 1890s the Bank remained solid. Branches were established in country districts and, in 1890, one in London. Branches in other colonies followed. From 1865-1910 the Bank issued its own £1, £5, £10 and £20 notes. In 1878 the first steps were taken toward the building of the head office on the corner of King William and Currie Streets. The design competition was won by Edmund Wright and was described as being “exceedingly plain compared to the Bank of South Australia” (now Edmund Wright House). The Bank continued as a South Australian institution until 1979 when it amalgamated with the Australia and New Zealand Bank and still occupies the building.

Cyclopedia of South Australia, Volume I, 1907, pp. 512-3

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